According to a report by Shanken News Daily on January 23rd, the states of Michigan and Rhode Island have emerged as record-breaking marijuana markets, further fueling the growth of the entire industry.
In Michigan, marijuana sales have once again broken records, with a total amount of nearly $280 million in purchases made by consumers in December. This represents a 7.5% increase compared to November. Adult use cannabis dominates the market, with medical marijuana sales contributing only $3.2 million, indicating a significant decline of 76.2% year-on-year.
According to estimates from Michigan's marijuana regulatory agency, the overall sales of marijuana in the state are projected to surpass $3 billion this year, making it a significant source of tax revenue. A report from the Michigan House Fiscal Agency reveals that marijuana tax revenue has already reached $266.2 million in the state's fiscal year.
Compared to Michigan, the market size in Rhode Island is smaller, but it also achieved record sales in December. Last month, the marijuana market in Rhode Island reached approximately $10.2 million in sales, with adult consumption contributing the majority ($7.8 million) and medical sales totaling $2.4 million. Overall, Rhode Island residents spent over $100 million on marijuana in 2023, with about two-thirds of that coming from the adult market. In the first year of retail sales in the state, key product categories included edibles, pipes, pre-rolled cigarettes, and packaged flower.
This trend indicates the rapid rise of the cannabis market in various states, contributing to the prosperity of the entire industry. It also reflects the positive impact of cannabis legalization on state tax revenues and the economy.
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